Microsoft unveiled its smaller, sleeker Xbox 360 design, packing a 250GB hard drive and built-in wireless-n. Microsoft's Don Mattrick said it will be in stores by the end of the week, and will still cost $299.
And remember kids - XBLA "license transfer" can only be used ONE TIME A YEAR. If you've transferred your license once within the last 365 days, you likely won't be able to use a bunch of recently purchased XBLA software on the new system outside of demo mode.
If you haven't used the XBLA license transfer - you're set. Get the new unit, transfer your games over and then transfer your rights online.